The Timberwolves’ ownership dispute will stretch into next season. An arbitration hearing that would essentially settle the dispute between minority owners Marc Lore and Alex Rodriguez and principal owner Glen Taylor will begin early November, Nick Williams of the Minneapolis Star Tribune reports.
The dispute has been ongoing since the tail end of the regular season. Taylor nixed the previous tiered payment agreement with Lore and Rodriguez, citing a breach of contract. Lore and Rodriguez disputed that characterization, stating that they had the funds necessary to become majority owners but were awaiting NBA approval and should have been entitled to an extension.
The third payment in dispute would increase Lore and Rodriguez’ share from 36% to about 80% and the purchase agreement stipulates that they could buy out Taylor’s remaining 20% stake anytime before March 2025.
The arbitration hearing will last approximately one week, with the ruling from a three-member arbitration panel coming within 30 days, Williams adds. A mediation hearing on May 1 failed to resolve the dispute, automatically moving the issue to arbitration.
If the arbitration panel rules in Taylor’s favor, he’ll retain majority ownership. The panel could also rule Lore and Rodriguez qualified for a 90-day extension, and Taylor must sell them the team or pay monetary damages.